BitRss.com latest Crypto World News

Search and discover the latest Cryptocurrency updated Stories in Categories.

24-7 Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources.

Bitcoin Meltdown to $8,500 Is The Only Option to $10,000 – BitMEX Margin Trading

Bitcoin Meltdown to $8,500 Is The Only Option to $10,000 – BitMEX Margin Trading

Bitcoin price is still trading above the broken resistance trendline amid frequent decline movements.
XBT/USD shorts traders must take Bitcoin to $8,500 to create fresh demand.

The strategy of ‘ buying the dip ’ has become the most used among Bitcoin investors. This because BTC has shown the potential to pull upwards after jaw-dropping free fall movements. A recent example is Bitcoin breakdown to $7,300. The move was followed by an unbelievable recovery move to highs almost brushing shoulders with $10,600.
Unfortunately, the strategy increases speculation which makes it hard to sustain an uptrend. For example, Bitcoin adjusted to levels below $9,500. The downside remained protected at 9,000 but movement north has been limited at $9,600.
Meanwhile, Bitcoin is trading at $9,189 after failing to stay above $9,200 (now short-term resistance). The 61.8% Fib level will try to stop the downtrend but I believe Bitcoin has to give in to the current selling pressure in order to find a credible zone to launch an action upwards. This in the way wars were fought in the past. Retreating does not mean defeat, it could be what is needed to launch one more attack to victory.
XBT/USD daily chart
XBT/USD price chart by Tradingview , BitMEX
Therefore, the best buying zone is the 38.2% Fib level, marginally above $8,500. This zone can also extend to $8,400 where fresh demand for XBT/USD will forge a formidable attack towards the coveted $10,000.
The Relative Strength Index shows that the bears will remain in control in the short-term. The wide gap between the 50-day MA and the 100-day MA stresses the influence the sellers have at the time of writing. In other words, the path of least resistance is downwards.
XBT/USD BitMEX data
Index price: $9,183.86
Volume: $1.7 billion
Open interest; $846 million
Funding rate: $0.0229%
Contract value: 1 USD
The post Bitcoin Meltdown to $8,500 Is The Only Option to $10,000 – BitMEX Margin Trading appeared first on Coingape .

BitRss.com shares this Contents with License.

Thank you for Share!

   
Read the full Article

Read the full Article: Bitcoin Meltdown to $8,500 Is The Only Option to $10,000 – BitMEX Margin Trading


Search Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, from up to 70 Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

24h Most Popular News